The Uniswap price analysis is currently showing optimistic indicators. However, today’s price is covering range upwardly after bulls effectively diverted the price function and swiftly moved the price from $6.46 to $6.61. Yesterday’s price function was downward. The UNI/USD is currently enjoying favourable market sentiment, and a price increase is anticipated.
If observed over the past month, the UNI/USD has almost maintained its value with swings high and low, mostly remaining on the higher side and yesterday’s correction also brought it back near the average value of the month.
UNI/USD 1-day price chart: Bulls dominates the price action
Bulls recovered the price up to the $6.61 level today, according to the 1-day Uniswap price analysis, which is positive development after suffering through a significant loss yesterday. Despite reporting a value increase of 3.91 percent over the previous seven days, the Uniswap is still down 4.69 percent over the last 24 hours. The trading volume increased by 14.73 percent, giving the cryptocurrency a 0.47 percent market dominance.
Despite the Bollinger bands being expanded but not going over the limit, the volatility for the UNI/USD pair is strong., with the upper band at the $7.25 mark representing resistance for the cryptocurrency and the lower band at the $6.13 mark, whereas the average of the Bollinger bands is forming at the $6.69 mark which represents support for UNI/USD.
The relative strength index (RSI), which is currently trading at 50.96, is close to the neutral zone’s centre line and has an upward trajectory. The signal indicates a sizable window for a run in the bullish direction.
Uniswap price analysis: Recent developments and further technical indications
The price surged high during the first four hours of the trading session after the significant correction seen at the close of the previous trading session, as shown by the 4-hour Uniswap price analysis, which also indicates the bullish momentum. The market’s selling pressure has increased, and some selling activity was observed over the last four hours. Despite this, it is anticipated that the coin’s price will gain higher today, breaking through the bearish resistance.
On the 4-hour chart for the UNI/USD pair, volatility is high because Bollinger bands are covering more ground, with the upper band at $7, which stands in for UNI resistance, and the lower band at $6.21, which creates a mean average line at $6.62 above the price level and signifies selling pressure for the cryptocurrency pair. Due to the recent selling activity, the relative strength index (RSI), which is currently trading at a downward slope at index 49, is close to the neutral zone’s centre.
Uniswap price analysis: Conclusion
According to the Uniswap price analysis, the bulls are moving up well. If buyers provide adequate support, the price of UNI can rise over the $6.64 local barrier level. However, there is also some selling pressure at this stage, and UNI bulls need more encouragement to make a breakthrough.
